Purchase a Condo
There are a few things to consider when you purchase a condo.   Many people make the mistake of shopping for a condo the same way they would for a house. It is a similar investment but there are several things you need to consider. Many people want to buy real estate to be free of the hazards of apartment dwelling. When buying a condo you are buying a piece of a larger property, basically an apartment. Next, there will be regulations. Condo associations have regulations and bylaws that you must abide by. With the associations you will need to know where your money is going. What does the association fee take care of and what is the breakdown. Next is to thoroughly review emergency maintenance plans. When you purchase a condo you are buying a larger piece of real estate, other people's problems can also affect you. Be sure you know the emergency numbers for your association and what problems they cover. Lastly, you should have an inspection before you buy. You not only want the unit evaluated but the entire building and grounds.Â
Another area to consider when you purchase a condo is the community in which you are buying. Does it fit the lifestyle you want? What is the financial status of the condo association? How many units are vacant and how many units are rented? If at all possible, talk to some of the unit owners and find out if they are happy living there, how well the complex is being run, or if they have had past problems and how those problems were resolved. Remember you are buying into an entire community and it is important that you know all you can before making a decision.
Condo living offers so many advantages and can accommodate many different types of people. It has become increasing popular with singles all the way to retired couples. Condos are a very viable option for anyone who wants maintenance free living and the freedom to spend their free time as they wish not being pinned down with snow removal, lawn maintenance, or any of the other activities owning a single family home requires. Condo living can also offers many types of amenities not otherwise affordable such as, pools, tennis courts, exercise rooms and much more. All the reasons above is why condo living has become such an attractive home ownership option. If you are thinking of purchasing a home in the near future you may want to consider the condo lifestyle.
Hiring Chicago Real Estate Agents
OwnACondo.com is hiring Chicago real estate agents to fill a number of needs currently. Over the last two weeks, OwnACondo.com has listed five developments totaling more than 300 units throughout the Chicago metro area. We need real estate agents that would like to help out on these condo developments. Secondly, OwnACondo.com markets all over the Chicago area creating a number of condo buyers and condo sellers registering on our website daily. We need help in servicing all these customers.
Just imagine waking up each morning with well over twenty five people needing help on either buying a condominium or selling a condominium. That’s what happens to us everyday of the week. Then we get another 25-50 calls throughout the day live with people looking for help. We basically need more help to keep up with the flow.Â
How does OwnACondo.com produce all these daily leads? It comes from a number of sources but basically OwnACondo.com has put over five million in marketing their brand name throughout the Chicago are over the last thirty six months. They have advertised their name on the right field wall of the Chicago White Sox in 2006, 2007 & 2008. Additionally they were in Wrigley Field, home of the Chicago Cubs, with a 4x32 foot banner on the first base line for the 2008 season. Next they put over 400 neighborhood and expressway billboards up all over the Chicago area in the last thirty six months. This started driving leads in at a crazy level. They went from ten Chicago real estate agents in 2006 to eight five Realtor in Chicago today.
Eighty five is not enough to keep up. OwnACondo.com is hiring Chicago real estate agents to not only handle the lead flow today but to be prepared for what is upcoming over the next three quarters. In addition to the outdoor advertising campaign in place today, they are working on website optimization. This ranks them very high on a “Google Search†when a certain keyword is inputted. They are on page one of more than 100 condo related keyword phrases. This is just the start. Their goal is to be on the first page on Google on more than 1,000 condo related keyword phrases by Christmas 2009.
Lastly, they will be running a television campaign in the fall of 2009. With hundreds of thirty second TV commercials, hundred of page ranking from Google and more than 400 outdoor impressions, OwnACondo.com needs to be ready to service five time s the leads it has today.
If you are a licensed real estate agent and have an interest in finding out more about OwnACondo.com, they are currently looking to hire Chicago real estate agents. Please contact Brian at 877.627.5543 for more information about becoming a Realtor for OwnACondo.com.
Sell a Condo
What do you need to know to sell a condo? The answer seems simple but maybe not. Selling your condo is different from selling your home because the type of person you will market to is quite different and you must consider if you will use a real estate agent or not. Many people think that any real estate agent can sell anything. Nothing is further from the truth. Think of it this way, would you go to your family doctor if you needed heart surgery, probably not. The same is for real estate agents. It is important to find an agent who specializes in selling condominiums and knows all the ins and outs specific to this type of property and how best to market and sell.Â
Let's say you need to sell a condo quickly. What are your options? You can go the traditional method by listing with a real estate broker, putting the information on the local Multiple Listing Service, advertising the heck out your condo and hope for the best. Another means to sell your condo which is beginning to heat up across the country due to the cool real estate market is an auction. Some parts of the country particularly the southern United States have long sold all types of property this way and more and more companies are sprouting up to take advantage of this alternative. Auctions make sense where last year's prices are no longer valid and lenders are having problems coming up with appraised value. Auctioneers say public auctions are the best way to determine value and buyers appreciate the chance to see what others are willing to pay. Remember one thing about auctions is that sales are final and you should know what you are getting into before you buy.
Before you sell a condo consider if you should rent it. There are a lot of things to consider but there can be huge advantages in the long run. You continue to own the property and each time you make a payment you are paying the principal down increasing your equity. You are now an owner of rental property which means that you can depreciate the condo and receive tax benefits. Depending on your situation you may have a positive cash flow. What that means is the rental payment you receive is more than your mortgage payment including taxes, insurance and maintenance fees. If that is the case then the additional income could be used for whatever purpose you desire, from vacations to funding college education for the kids.Â
No matter if you decide to rent or sell your condo, consider all the options and make an informed decision.
Rent A Condo
How can you rent a condo? Are condos actually for rent just like apartments? They sure are and there may be several advantages to renting a Chicago condo opposed to a Chicago apartment.
Many times condo complexes have different upgrades from apartment complexes. Let’s think of this from a common sense standpoint. Condos are usually owned. People purchase the condo to live in it, hopefully it appreciates in value and then it’s sold. The owners of the condo are going to take care of the unit and the grounds of the condo complex differently than apartment renters that really do not have a vested interest in the apartment complex. This means that usually the grounds and the unit itself are better kept and nicer than an apartment complex. That’s number one.
The second reason that you may want to rent a condo versus renting a Chicago apartment is the amount of money that is usually put to upgrading the complex is usually quite a bit higher in a condominium complex versus an apartment complex. Let’s break this down. An apartment building owner has only so much money from the cash flow from an apartment building investment. If the apartment building is 100% occupied, they may be making enough money to do a few upgrades each year. If the complex is 90% or lower, chances are that the landlord is actually at a break even or may even be losing money on a monthly basis. There are several examples of this all over the Chicago area. Most apartment complexes are kept at a level just above mediocre to get apartment tenants, but rarely do you see a class A apartment building that is completely renovated and updated. This is naturally based on the apartment building investment does have loads of cash streaming from it to allow extra money for upgrades.
But when you rent a condo from a condominium complex, things are usually different.  Remember, these units were sold to someone. That means they are taken care of differently. As in a sale, most people try to get the product ready for a sale by renovating it and cleaning it. Condo sellers will paint and re-carpet. They’ll make sure the hallways and grounds are clean. They’ll make sure the association is on that leaky gutter so they won’t be embarrassed when they are walking the buyer through. All of these factors add up.Â
In the end, it’s almost inevitable that you find renting a condo is a better choice than renting an apartment. There are always exceptions to the rule, but it’s a rare situation to find this philosophy flip flopped.
Chicago Condos Downtown
If I could pick any place in the world to live, I would choose to live in one of the Chicago Condos Downtown. It would be a hard decision, though to choose to live in a Michigan Avenue Condo or in a condo with a view of Lake Michigan or maybe even a Chicago condo overlooking Millennium Park. With 77 neighborhoods to choose from picking just one of Chicago Condos downtown would be a challenge. Each one of the 77 neighborhoods has its own unique style and personality. The ultimate dream would be to have a condo in each neighborhood, this way depending on the mood or the activities of the weekend would determine which Chicago condo to live in. It would kind of be like having a closet full of shoes and purses to match every outfit and every mood.
There are so many things to think about if you are considering purchasing one of the Chicago condos downtown. First, you would have to determine the size of the unit you are looking for. It could be a studio unit (which is kind of like a suite in at a hotel), or a one, two, three, four or even a five bedroom unit. The area would be another consideration, remember there are 77 neighborhoods of Chicago to choose from. Once you have determined the size and the area it’s time to think about what kinds of amenities would be ideal. Do you need parking? Is a pool or a workout facility high on your list of priorities? Other amenities to consider before starting your search for one of the greatest Chicago condos downtown are close to transportation, or close to a park, or is something in a quieter neighborhood in your thoughts?
Once you have started your list, contact OwnACondo.com. We will put you in contact with one of our Condo Specialists, who specialize in the area you would like to call home. Next step would be to consult with one of our preferred lenders to see how much you qualify to purchase and all that you need to know about financing your condo. Once that amount is determined, you also need to factor in property taxes and assessments.
Now you are ready to begin working with one of our Condo Specialists in helping you find one of the many Chicago condos downtown. Between the $8000 first time home buyers tax credit, the low mortgage interest rates and the fact that it is a buyer’s market make it the perfect time to own one of the Chicago condos downtown.
Chicago Condo Company
If you are looking for a Chicago condo company, stop looking and call us today! You don’t have to look any further than OwnACondo.com. We are the best place to buy and sell condos. We have been working with buyers and sellers since the 1990’s. Our Condo Specialists will share their knowledge on assessments, associations and property taxes. Condominiums are a great choice for any buyer. Condos offer reasonable prices from first time home buyers. They also are great from someone who has done their share of lawn mowing and home maintenance. Condos offer maintenance free living…that is what condo living is about! Condos also offer a great place for a second home. Even real estate investors look for condominiums, because the costs are reasonable.
As a Chicago condo company, we know the neighborhoods of Chicago, all 77 of them, as well as the surrounding suburbs of Chicago. You determine where you would like to live and one of our Condo Specialists can help you find the condo of your dreams. If you are looking for something close to transportation, or maybe close to work or even close to the park, we are ready to put our condo resources to work for you. We offer friendly, knowledgeable agents that know condos better than anyone. When you work with an agent from OwnACondo.com, you get more than just a Realtor you get a Condominium Specialist. From contract to closing, we are there with you every step of the way. It is what makes us stand out as one of the best Chicago Condo Companies.
Visit the “Financing Your Condo†section of OwnACondo.com’s website for a list of our preferred lenders. These lenders have been carefully selected. They understand the differences between financing a condo and financing a home. They offer programs specially designed for financing a condo. Our preferred lenders are also specialists in their field. They can explain the differences in fixed mortgages versus adjustable mortgages, points and grants. Feel free to contact one or all of the lenders for help in financing your condo.
Start thinking about the amenities you would like in a condo, and where the perfect condo would be for you to call home. Then call OwnACondo.com today. We are ready to start working for you. We can help you make the American dream of home ownership a reality. You will find out first hand why OwnACondo.com is the best Chicago condo company.
Condominium
To put it simply a condominium is a form of home ownership in which individual units of a larger complex are purchased, not rented. They may be commercial warehouses, townhouses, converted apartment buildings or newly constructed buildings designed specifically as condominiums. The word condominium does not apply to the unit itself but how the unit is held legally. Those who purchase a condominium technically own everything from the walls inward and individual condo owners have shared rights for the areas such as hallways, grounds, pools, clubhouses, and elevators. The maintenance of these common areas is usually the responsibility of the condominium association. Each owner shares a common interest and has an obligation to pay monthly dues or special assessment fees.
Condominium ownership many times is the best option for potential homeowners. If you would like to have a pool, playground area, clubhouse or many of the other amenities a condo offers then buying into a complex with all of these is your best choice. You just need to remember you are paying for these with your association fees and there will be others who use these facilities also. Most veteran apartment dwellers benefit from buying a condo because they are used to having neighbors close by and using the same amenities with others. Normally the overall price of a condominium is less than single family homes but still allows equity to build so it is no different in regards to recouping costs assuming the property will appreciate.
Before you run out to buy that condominium there are several things you need to consider. Find out if the building has a good reputation. Ask current residents how often repairs and maintenance are done and remember the association decides what is done and at what cost to each of the members. Check out parking and security arrangements before you buy especially if you have multiple cars or are concerned about your own well being. Another area to consider is budgeting in the association dues. When you are thinking of buying a condo you will know what your mortgage payments will be but an added unexpected fee could strain your budget to the breaking point.Â
Condominium living is not for everyone but can be advantageous financially since you now own your own home. You are able to enjoy many of the amenities normally not affordable with ownership of a single family home. You have the pride of ownership and a financial investment that will pay off future dividends.
Hiring Chicago Realtors
We’re hiring Chicago Realtors currently to help us with our expansion in the Chicago real estate market place. OwnACondo.com is looking for full and part-time Realtors to handle the immense amount of leads that coming in on a daily basis.Â
OwnACondo.com has over 400 outdoor impressions that attract many calls each day. In addition to the outdoor advertising OwnACondo.com have many other venues they put their brand on attracting business. As the leads come in daily, they’re dispatched back out to the Realtors based on the area the lead and the Realtor want to work in.
OwnACondo.com was established in 2000, more as a company that would help developers convert their apartment buildings to condos. They were involved in more than 40 conversions and closed more than 4,000 units over their first six years in existence. In 2006, they decided to not only represent developers, but everyone that wanted to buy or sell a condo. They started their advertising campaign by putting their brand on the right field wall of the Chicago White Sox. It sat there for three years, along with several hundred billboards throughout the entire Chicago land area. This attracted tens of thousands of leads to them over the last 36 moths.
OwnACondo.com went from a small office on the southwest side of Chicago of ten Realtors, to a mid-size 85 Realtor team in Oak Brook today. Over the next twelve months, OwnACondo.com will be expanding to Miami, Los Angeles and New York and plans on opening a second office in Chicago in the second quarter of 2009.
OnACondo.com is hiring Chicago Realtors to help with this expansion. The leads are flowing in everyday and the current staff is doing ok with the lead volume, but they could use some help. It seems like the leads are geometrically progressing as more agent and more business is being done. If you’re a licensed Illinois Real estate agent and would like more information about a career with OwnACondo.com, please call Brian at 877.627.5543. He will answer all your questions and get you started to a path in selling condos in the Chicago area.
OwnACondo.com also has a development arm that focuses on distressed real estate, finacing, insuring and managing condos throughout the United States.
The Condo Real Estate Market
The condo real estate market is improving. There are a number of beautiful condos that are on the market right now waiting for a buyer. And now, with the stimulus plan and the buyer’s tax incentive that is available, a number of people are in the market for a condo. Condos are priced low right now, giving buyers a tremendous advantage. There are also many condos available on the market right now, which is another advantage for the buyer. There are condos available that suit a variety of budgets and requirements. Now is an opportune time for anyone to get out of a rental situation and purchase a condo.
The real estate market has seen many ups and downs in the past decade. There was a point where new condo developments were constantly under construction and people were demanding top dollar for their properties. The condo real estate market was also the same; million dollar developments were popping up everywhere offering buyers luxury condominiums boasting the most high end amenities. These condos were selling at rapid rates as mortgage lenders eased up on their restrictions for lending.
Now, those very same condos can be had at a much more affordable price. There are a number of fantastic deals that are available right now for buyers. They can find short sale condos, foreclosed condos, or condos that have just been sitting on the market for way too long. The deals that are available on these condos are unbelievable. If you have ever considered investing in real estate before and you can afford to do so, now would be the perfect time. And, as the economy continues to take drastic steps towards recovery, these deals won’t be around for long. The homebuyer’s tax credit only applies to residential properties that are purchased this year. You may be eligible for an $8000 tax credit if your purchase a residential property.
The condo real estate market fluctuates over time. It is always in your best interest to take advantage of property ownership opportunities while they are available. It is a great time for people who have been considering taking the leap from renter to owner to purchase property if they are able to. With the low price of condos, the large selection of condos that are currently on the market and the number of incentives and tax breaks from the government now is the opportune moment to purchase a condo.
Rent A Condo
How can you rent a condo? Are condos actually for rent just like apartments? They sure are and there may be several advantages to renting a Chicago condo opposed to a Chicago apartment.
Many times condo complexes have different upgrades from apartment complexes. Let’s think of this from a common sense standpoint. Condos are usually owned. People purchase the condo to live in it, hopefully it appreciates in value and then it’s sold. The owners of the condo are going to take care of the unit and the grounds of the condo complex differently than apartment renters that really do not have a vested interest in the apartment complex. This means that usually the grounds and the unit itself are better kept and nicer than an apartment complex. That’s number one.
The second reason that you may want to rent a condo versus renting a Chicago apartment is the amount of money that is usually put to upgrading the complex is usually quite a bit higher in a condominium complex versus an apartment complex. Let’s break this down. An apartment building owner has only so much money from the cash flow from an apartment building investment. If the apartment building is 100% occupied, they may be making enough money to do a few upgrades each year. If the complex is 90% or lower, chances are that the landlord is actually at a break even or may even be losing money on a monthly basis. There are several examples of this all over the Chicago area. Most apartment complexes are kept at a level just above mediocre to get apartment tenants, but rarely do you see a class A apartment building that is completely renovated and updated. This is naturally based on the apartment building investment does have loads of cash streaming from it to allow extra money for upgrades.
But when you rent a condo from a condominium complex, things are usually different.  Remember, these units were sold to someone. That means they are taken care of differently. As in a sale, most people try to get the product ready for a sale by renovating it and cleaning it. Condo sellers will paint and re-carpet. They’ll make sure the hallways and grounds are clean. They’ll make sure the association is on that leaky gutter so they won’t be embarrassed when they are walking the buyer through. All of these factors add up.Â
In the end, it’s almost inevitable that you find renting a condo is a better choice than renting an apartment. There are always exceptions to the rule, but it’s a rare situation to find this philosophy flip flopped.
